Lower interest rates do not instantly restore a household’s cash flow. Renewing a mortgage first arranged at a very low rate may still raise the monthly payment, while property taxes, insurance, daily expenses and other debts keep drawing on the same budget.
According to Statistics Canada’s 2024 Canadian Housing Survey, 36.2% of homeowners with a mortgage reported financial difficulty due to increased mortgage payments. This measures reported financial strain; it does not mean that those households were in default.
This video is in Mandarin with Simplified Chinese and English subtitles.
Originally published on Guaranti’s YouTube channel.